ACGC targeting cotton ginning volumes of 160K quintals this year; planted cotton areas decline 40% Y-o-Y
According to Arab Cotton Ginning’s [ACGC.CA] Managing Director, Mohsen Hassan, the company is targeting to maintain its cotton ginning volumes of 160K quintals during this year despite a 40% decline in planted cotton this season. He added that the company is also targeting a market share of 25% of the cotton ginning crop during 2016-17 vs. 16% last year. It is worth mentioning that total cotton volume this season had reached 630k quintals from 1mn quintals last season, with a decline of 40%, according to General Authority for Arbitration and Cotton Tests.
Arab Cotton Ginning: EGP4.65 as of 16 Mar. 2017, Rating: Neutral, TP: EGP4.75/share, MCap: USD68mn, ACGC EY/ACGC.CA
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